At Filene’s Optimizing Channels for Superior Member Service Workshop this past spring, Filene Research Fellow and Harvard Business School Professor...
Feb 16 2015
The Personal Touch: Optimizing Feedback Loops in Financial Services
Perhaps no industry in the world collects more consumer data than financial institutions. Banks and credit unions know where, when, and how often consumers spend money and how much they spend. They have intimate knowledge of account balances, borrowing trends, and aggregate spending patterns. They can know when consumers have made good financial decisions and when they have missed payments.
Credit union operations are full of feedback loops. This report explores how optimizing feedback loops can improve engagement, excitement, and skills. Moreover, employee, board, or member relationships can be made more meaningful and productive. Well-designed feedback loops can differentiate a credit union from the mass of financial institutions that cling to the idea that the old way of doing business is good enough. With the input of your members’ data and delivery of continual reinforcement, your credit union will be positioned to influence behavioral change.
Report Number 347